More than 300 New AFS Licences Granted

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Between July 2022 and June 2023, ASIC granted just over 330 new Australian financial services licences.

In releasing its annual licensing report Licensing and professional registration activities: 2023 update the regulator says it granted 332 new AFS licences and 149 new credit licences having received 1,272 AFS licence and credit licence applications and finalised 1,464 applications.

The report outlines ASIC’s licensing and professional registration activities, discusses new and proposed changes to processes and notes other ASIC work that affects licensees.

Between July 2022 and June 2023, ASIC:

  • Received 1,272 Australian financial services licence and Australian credit licence applications
  • Finalised 1,464 AFS and credit licence applications
  • Granted 332 new AFS licences and 149 new credit licences
  • Approved 867 AFS and credit licence variation applications from existing licensees
  • Approved the registration of 118 company auditors, 44 SMSF auditors and supported the approval of 29 liquidators

In the same period, 401 licence applications were withdrawn or rejected for lodgement, 515 licences were cancelled and 26 licences were suspended. In addition, 51 professional registration applications were withdrawn and four were refused.

From Report 772 Licensing and professional registration activities: 2023 update. Courtesy of ASIC.
Warren Day …increased engagement with stakeholders during the application process

ASIC’s Chief Executive Officer, Warren Day says the report highlights “…the important gatekeeping role served by ASIC’s licensing function. It ensures applicants seeking an Australian financial services licence… meet the high standards required to provide these regulated services.”

He notes ASIC is continuing to make a number of improvements to its licensing processes and systems.

“These include increased engagement with stakeholders during the application process, ongoing work to develop a new licensing portal and streamlining our workflow systems to make it easier for stakeholders to interact with ASIC.”

From Report 772 Licensing and professional registration activities: 2023 update. Courtesy of ASIC


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1 COMMENT

  1. This trend of individual advisers getting their own AFSL will only continue. Decades of the insufferable blood-sucking master agencies and, worse, these larger AFSL’s charging fees of many TENS of thousands of dollars a year for questionable services has been tolerated by hard working professional advisers for far too long. Don’t even start me on the disgustingly incestuous so-called ‘strategic partner’ relationships of large AFSLs and life companies.

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